Economic notes
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Economic Notes. Chapter 8. Microeconomics – Study of the parts of the economy. Types of unions : Craft or Trade Unions – organization of workers who have the same skills Ex. Plumbers union, teachers, electricians Industrial Union – Organization of workers in the same industry

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Economic Notes

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Economic notes

Economic Notes

Chapter 8


Microeconomics study of the parts of the economy

Microeconomics – Study of the parts of the economy

  • Types of unions:

  • Craft or Trade Unions – organization of workers who have the same skills

  • Ex. Plumbers union, teachers, electricians

  • Industrial Union – Organization of workers in the same industry

  • Ex. U.A.W. (United Auto Workers), Iron workers


Economic notes

Triangle Shirtwaist Factory Fire

Apple labor violations

Child labor

http://www.cbsnews.com/8301-3445_162-57367950/the-dark-side-of-shiny-apple-products/

http://www.history.com/videos/the-fight-to-end-child-labor

http://www.cbsnews.com/8301-3445_162-20045115.html


Tools used by unions

Tools used by unions

  • Collective Bargaining – the right of a union to choose representatives to negotiate on the memberships behalf

  • Strike – refusal to work

  • Boycott – refusal to buy a company’s products

  • Picketing – workers carrying signs which protest a company’s actions

  • Union Labels – labeling products so people buy union goods and support unions

  • Political Action Committees – groups to act in favor of unions, lobbyists

  • Work To Rule – work to the letter of the contract


Illegal options

Illegal options:

  • Wild Cat Strike – workers go on strike even though the union voted not to strike

  • Slow Down – work slower or sabotage the job (it is illegal to not do a job you are paid for)

  • Blacklist – list union activists and refuse to give them jobs


Tools of management

Tools of Management:

  • Injunctions – government order for strikers to return to work

  • Lockouts – management prevents workers from working, therefore not earning money. This puts economic pressure on them

  • Strikebreakers – Hire other workers to replace striking workers

  • Relocation – move a business to a new location where the workers are less organized and willing to work for lower wages


Government actions

Government Actions

  • Mediation – method for settling a labor dispute, in which a 3rd party listens to both sides and suggests a solution to the situation (it is not binding, just a suggestion)

  • Arbitration – method for settling a labor dispute, in which a 3rd party listens to both sides and makes a decision to solve the situation (binding, both parties must comply)


Economic notes

  • Real wages – adjusted for inflation

  • Money Wages – nominal value


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